TORONTO, ONTARIO–(Marketwired – Dec. 7, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Kombat Copper Inc. (TSX VENTURE:KBT) (“Kombat Copper” or the “Company”) announces that it is amending the terms of its private placement financing previously announced on November 10, 2016. The amended financing will now consist of the sale of up to 11,111,111 common shares of Kombat Copper at a price of $0.45 per common share for gross proceeds of up to $5 million (the “Financing”).
The Company intends to use the net proceeds of the Financing to fund further exploration efforts at the Company’s Kombat Mine, as described in the Company’s news release dated November 10, 2016, as well as for general working capital purposes. In connection with the Financing, the Company may pay finder’s fees in cash of up to 5% of gross proceeds of the Financing.
Closing of the Financing is expected to occur in tranches. The first tranche of the Financing will consist of approximately 2,222,222 common shares for gross proceeds of approximately $1 million (the “First Tranche”). The First Tranche is expected to close on or about December 9, 2016 and remains subject to a number of conditions, including the approval of the TSX Venture Exchange.
Kombat Copper
Kombat Copper is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past producing mines including the Company’s flagship property, the Kombat Mine.
Cautionary Notes
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements include statements regarding the Financing, the closing of the Financing in tranches, the First Tranche, the expected use of proceeds of the Financing and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Investor Relations
+1 (416) 433-5696
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www.kombatcopper.com
